MIRA INFORM REPORT

Report Date :

18.01.2014

Tel. No.:

+380 562 32-68-65

IDENTIFICATION DETAILS

Name :	TOVARYSTVO Z OBMEZHENOYU VIDPOVIDALNISTYU SETAV STALSERVIS
Registered Office :	66 Gazety Pravda Ave., Apt. 33, Dnipropetrovsk, Dnipropetrovsk Region, 49051
Country :	Ukraine
Financials (as on) :	31.12.2012
Date of Incorporation :	03.12.2009
Com. Reg. No.:	36842029
Legal Form :	Limited Liability Company
Line of Business :	· Wholesaler of solid, liquid and gaseous fuels · Wholesaler of products from stainless and heat resistant steel.
No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Exists

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Ukraine	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ukraine ECONOMIC OVERVIEW

After Russia, the Ukrainian republic was the most important economic component of the former Soviet Union, producing about four times the output of the next-ranking republic. Its fertile black soil generated more than one-fourth of Soviet agricultural output, and its farms provided substantial quantities of meat, milk, grain, and vegetables to other republics. Likewise, its diversified heavy industry supplied the unique equipment (for example, large diameter pipes) and raw materials to industrial and mining sites (vertical drilling apparatus) in other regions of the former USSR. Shortly after independence in August 1991, the Ukrainian Government liberalized most prices and erected a legal framework for privatization, but widespread resistance to reform within the government and the legislature soon stalled reform efforts and led to some backtracking. Output by 1999 had fallen to less than 40% of the 1991 level. Ukraine's dependence on Russia for energy supplies and the lack of significant structural reform have made the Ukrainian economy vulnerable to external shocks. Ukraine depends on imports to meet about three-fourths of its annual oil and natural gas requirements and 100% of its nuclear fuel needs. After a two-week dispute that saw gas supplies cutoff to Europe, Ukraine agreed to 10-year gas supply and transit contracts with Russia in January 2009 that brought gas prices to "world" levels. The strict terms of the contracts have further hobbled Ukraine's cash-strapped state gas company, Naftohaz. Outside institutions - particularly the IMF - have encouraged Ukraine to quicken the pace and scope of reforms to foster economic growth. Ukrainian Government officials eliminated most tax and customs privileges in a March 2005 budget law, bringing more economic activity out of Ukraine's large shadow economy, but more improvements are needed, including fighting corruption, developing capital markets, and improving the legislative framework. Ukraine's economy was buoyant despite political turmoil between the prime minister and president until mid-2008. Real GDP growth exceeded 7% in 2006-07, fueled by high global prices for steel - Ukraine's top export - and by strong domestic consumption, spurred by rising pensions and wages. A drop in steel prices and Ukraine's exposure to the global financial crisis due to aggressive foreign borrowing lowered growth in 2008. Ukraine reached an agreement with the IMF for a $16.4 billion Stand-By Arrangement in November 2008 to deal with the economic crisis, but the program quickly stalled due to the Ukrainian Government's lack of progress in implementing reforms. The economy contracted nearly 15% in 2009, among the worst economic performances in the world. In April 2010, Ukraine negotiated a price discount on Russian gas imports in exchange for extending Russia's lease on its naval base in Crimea. In August 2010, Ukraine, under the YANUKOVYCH Administration, reached a new agreement with the IMF for a $15.1 billion Stand-By Agreement. Economic growth resumed in 2010 and 2011, buoyed by exports. After initial disbursements, the IMF program stalled in early 2011 due to the Ukrainian Government's lack of progress in implementing key gas sector reforms, namely gas tariff increases. Economic growth slowed in the second half of 2012 with Ukraine finishing the year in technical recession following two consecutive quarters of negative growth.

Source : CIA

Identification

Full Name

:

Tovarystvo z Obmezhenoyu Vidpovidalnistyu SETAV STALSERVIS

Name in English

:

SETAV STEELSERVICE, LLC

Name in national language

:

Товариство з Обмеженою Відповідальністю СЕТАВ СТАЛЬСЕРВІС

Office Address

:

19 Donetsk highway, Dnipropetrovsk, Dnipropetrovsk region, 49080, Ukraine

Legal Address

:

66 Gazety Pravda ave., apt. 33, Dnipropetrovsk, Dnipropetrovsk region, 49051, Ukraine

Contacts

:

-	Phone	:	(+38 0562) 326865
-	Fax	:	(+38 0562) 326867
-	E-mail	:	info@cetab.dp.ua
-	WWW	:	www.cetab.com.ua

SUMMARY

Legal Form : TOV (Limited Liability Company by Ukrainian Law)

Incorporation : 2009

Staff : 50

Litigation events : n/a Remarks on payments : n/a

Sales :	93 654.00 th UAH ( for 12 months, ended 31.12.2012 )
	85 525.00 th UAH ( for 12 months, ended 31.12.2011 )

Incorporation

:

2009

Registration Data

Date of registration

:

03.12.2009

Registration number

:

36842029

Registr. authority

:

Local Executive Committee (Dnipropetrovsk, Dnipropetrovsk region, Ukraine)

VAT number

:

368420204647

Registr. place

:

Ukraine

Date of commencement of VAT-certificate: 23.12.2009

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 03.12.2009

Share Capital

:

1 202 000 UAH (registered)

since 03.12.2009

Shareholders

:

-	Setab AB (Switzerland)				49.00 %
		share's book value	:	588 980 UAH
-	ACCIAI VENDER (Italy)				28.00 %
		share's book value	:	336 560 UAH
-	PROFILINOX (Italy)				23.00 %
		share's book value	:	276 460 UAH

Board / Executives

Executives

Director

:

Mr Nikolenko Igor Nikolaevich (Ukraine)

Director

:

Mr Avdeev Valeriy Olegovich (Ukraine)

( the data cancelled since 08.06.2011 )

Authorised signature

:

Mr Nikolenko Igor Nikolaevich

Mr Avdeev Valeriy Olegovich

( the data cancelled since 08.06.2011 )

Changes in Registration Data

- 08.06.2011

:

managers, authorised signature

Activities

:

-	505	Metals and Minerals, Except Petroleum
		(NACE 5151: Wholesale of solid, liquid and gaseous fuels and related products)
-	5099	Durable goods, not elsewhere classified
		(NACE 5190: Other wholesale)

Wholesale of products from stainless and heat resistant steel.

Staff employed

:

50 [E]

Staff History

:

-	39
	( the data as of 31.12.2012 )
-	40 [E]
	( the data as of 27.11.2012 )

Export

:

none

Import

- 01.12.2013

:

Fiscal period: 11 month(s), currency: UAH

299 341 554.00

Italy, France, India, Turkey, Korea Republic

- 01.12.2012

:

Fiscal period: 11 month(s), currency: UAH

173 672 514.00

- 01.05.2011

:

Fiscal period: 4 month(s), currency: UAH

22 881 809.00

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	19 Donetsk highway, Dnipropetrovsk, Dnipropetrovsk region, 49080, Ukraine

Subsidiaries and Participation

:

none

Bankers

:

-	Pivdenkombank (Ukraine)
	bank code	:	305266
	account(s)	:	26008015966001 UAH, USD, EUR
-	Privatbank (Ukraine)
	bank code	:	305299
	account(s)	:	26053060205947 UAH

Suppliers

:

-	Acciai Vender s.p.a. (Italy)
-	Jindal stainless limitedJindal Centre (India)
-	Novacel S.A. (France)
-	SK Networks Co LTD (Korea Republic)
-	Saritas Celik Sanayi му Ticaret A.S. Yukari Dubullu Organize (Turkey)

Litigation

:

According to the data of Bulletin of the State Registration as of 15.01.2014, there are no bankruptcy registered in the name of the subject company.

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 23 court records where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 07.12.2010 up to 29.10.2013. There are no bankruptcy/insolvency records filed. These litigation processes arise in the course of company's usual operation.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial Elements

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets		0.00
- Fixed assets		399.00	468.00
- Investments in tangible assets
- Financial assets		0.00	0.00
- Other non-current assets		12 689.00
Non-current assets total	20 668.00	13 088.00	4 561.50
CURRENT ASSETS
- Stock		5 002.00	4 504.70
- Debtors	12 895.00	8 579.00	7 397.70
- Other receivables		647.00
- Short-term financial investments	0.00	0.00
- Cash	3 538.00	4 547.00	2 735.10
- Other current assets	0.00	761.00
Current assets total	28 964.00	19 536.00	16 061.60
Assets total	49 632.00	32 624.00	20 623.10
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	1 202.00	1 202.00	1 202.00
- Additional capital	0.00	0.00
- Other capital	0.00	0.00
- Reserve capital		0.00
- Retained earnings (Non-covered loss)		4 685.00
Capital and reserves total	9 571.00	5 887.00	1 959.50
Provisions	0.00	0.00
LONG-TERM LIABILITIES
- Loans and credits	0.00	0.00
- long-term amounts owed to banks	0.00	0.00
- Other long-term liabilities		0.00
Long-term liabilities total	0.00	0.00	0.00
SHORT-TERM LIABILITIES
- Loans and credits	0.00	0.00
- short-term amounts owed to banks	0.00	0.00
- Creditors		26 088.00
- trade debts		25 619.00
- accrued payroll		27.00
- tax liabilities		442.00
- other creditors
- advances received		0.00
- Dividends in arrears
- Accrued income, deferred charges	0.00	0.00
- Other short-term liabilities		649.00
Short-term liabilities total	40 061.00	26 737.00	18 663.60
Liabilities total	40 061.00	26 737.00	18 663.60
Equity and liabilities total	49 632.00	32 624.00	20 623.10
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	93 654.00	85 525.00	68 768.00
Cost of goods sold	64 590.00	78 302.00
Gross profit		7 223.00
Distribution costs		1 747.00
Administrative and management costs		1 983.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests		0.00
Other operating income	2 416.00	7 084.00
Other operating charges		5 665.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	0.00	27.00
Profit before taxation		4 939.00	1 285.20
Income-tax and other similar payments	1 060.00	1 012.00
Profit (loss) from ordinary activity
Extraordinary income less charges		0.00
Net profit	3 684.00	3 927.00	798.40
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %		5.77	1.87
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %		83.90	65.59
Profit before taxation / Equity
Current assets turnover	3.23	4.38	4.28
Net sales / Current assets
Working capital	-11 097.00	-7 201.00	-2 602.00
Current assets - Short-term liabilities
Leverage	0.19	0.18	0.10
Equity / Total assets
Current ratio	0.72	0.73	0.86
Current assets / Short-term liabilities
Quick ratio		0.54	0.62
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	4.19	4.54	9.52
Total liabilities / Equity

The company is registered as a taxpayer at the State Tax Administration.

Publications

- 12.12.2013

:

Subject

:

INTERNATIONAL RATINGS TREND

http://countryeconomy.com/ratings/ukraine ----------------------- INTERNATIONAL RATINGS TREND FOR THE UKRAINE IN 2012-2013 2013: 1. Rating Moody's Ukraine Long Term Rating: Foreign Currency Date Rating (Outlook) 2013-09-20 Caa1 (Under Review) 2012-12-05 B3 Local Currency Date Rating 2013-09-20 Caa1 2012-12-05 B3 2. Rating S&P Ukraine Long Term Rating Foreign Currency Date Rating (Outlook) 2013-11-01 B- (Negative) 2012-12-07 B (Negative) Local Currency Date Rating 2013-11-01 B- 2012-12-07 A- 3. Rating Fitch Ukraine Long Term Rating Foreign Currency Date Rating (Outlook) 2013-11-28 B- (Negative) 2012-07-18 B (Stable) Local Currency Date Rating 2013-11-28 B- 2012-07-18 B 2012: Information source: Correspondent.net, December 1-th 2012: Today, the international rating agency Standard & Poor's Ratings Services lowered its outlook on the sovereign credit rating of Ukraine from stable to negative. As informed the press service of the Agency, short-term ratings in foreign and local currency were affirmed at B + / B. Ukraine's long-term rating on the national scale was reduced from uaAA- to uaA +. " Risk assessment of transfer and convertibility of hard currency (T & C) remains at the level of B +, according to the ratings in foreign currency. Recovery Rating of unsecured debt in foreign currency affirmed at level 4, indicating our expectation of payment at 30% -50 % of the debt in the event of default " - said in a S&P statement. Yesterday the other international rating agency Moody's downgraded the rating of Ukrainian government bonds by one notch - from B2 to B3 with a negative outlook.

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mrs Irina (secretary) on 15.01.2014 by the tel. number: +38 0562 326865. She confirmed the general information and asked us to send a questionnaire. An inquiry was sent for the attention of the Director but no answer was received. If the additional information comes in we will update the subject report.

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	UAH th	UAH th	UAH th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	93 654.00
services
015 VAT tax
020 Excise tax
025
030 Other compulsory payments
035 Net sales revenue	77 956.00
040 Cost of goods, work, services	64 590.00
045 Total production costs
050 Gross profit
055 Gross loss
060 Other operating income	2 416.00
070 Administrative and management costs
080 Distribution costs
090 Other operating charges
100 Operating profit	4 710.00
105 Operating loss	0.00
110 Income from capital participating
120 Other financial income
130 Other income
140 Financial charges	0.00
150 Capital participating expenses
160 Other expenses
170 Profit from ordinary activity before taxation
175 Loss from ordinary activity before taxation
180 Ordinary activity Income-tax	1 060.00
190 Profit from ordinary activity
195 Loss from ordinary activity
200 Extraordinary income
205 Extraordinary charges
210 Extraordinary activity Income-Tax	0.00
220 Net profit	3 684.00
225 Net loss	0.00
Operating charges details:
230 Tangible expenses	480.00
240 Payroll costs	1 296.00
250 Allocation to social needs
260 Amortization charges	231.00
270 Other operating charges
280 Operating charges total	7 076.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value
011 acquisition cost
012 depreciation
020 Construction in progress
Fixed assets
030 residual value
031 acquisition cost
032 depreciation
Long-term biological assets
035 residual value
036 acquisition cost
037 depreciation
Long-term financial assets
040 Capital participation in other enterprises
045 Other financial investments
050 Long-term accounts receivable
060 Deferred tax assets
070 Other non-current assets
080 NON-CURRENT ASSETS TOTAL	20 668.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies
110 Current biological assets
120 Work in progress
130 Finished goods
140 Goods for resale
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	12 895.00
161 acquisition cost
162 doubtful debts reserve
Accounts receivable
170 Budget accounts receivable
180 Payments in advance
190 Accrued income
200 Internal payments
210 Other current accounts receivable
220 Current financial investments	0.00
Cash at bank and on hands
230 Funds in local currency	3 538.00
231 incl. cash on hands
240 Funds in foreign currencies	0.00
250 Other current assets
260 CURRENT ASSETS TOTAL	28 964.00
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	49 632.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	1 202.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	0.00
340 Reserve capital
350 Retained earnings (loss)
360 Unpaid capital (minus)	0.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	9 571.00
II. PROVISIONS OF EXPENSES AND
LIABILITIES
400 Provisions of payments to personnel
410 Other provisions
415 Insurance reserves
416 portion covered by insurers
417
418
420 Targeted funding
430 PROVISIONS OF EXPENSES AND	0.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	0.00
450 Other financial liabilities
460 Deferred tax liabilities
470 Other long-term liabilities
480 TOTAL LONG-TERM LIABILITIES	0.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00
510 Short-term portion of long-term liabilities
520 Bills of exchange payable
530 Trade creditors
Accounts payable:
540 Advance payments
550 Budget accounts payable
560 Non-budget accounts payable
570 Insurance payments
580 Accrued payroll
590 Liabilities to shareholders
600 Internal payments
610 Other short-term liabilities
620 SHORT-TERM LIABILITIES TOTAL	40 061.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	49 632.00

- 31.12.2011

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	103 395.00
services
015 VAT tax	17 232.00
020 Excise tax	0.00
025	0.00
030 Other compulsory payments	638.00
035 Net sales revenue	85 525.00
040 Cost of goods, work, services	78 302.00
045 Total production costs
050 Gross profit	7 223.00
055 Gross loss	0.00
060 Other operating income	7 084.00
070 Administrative and management costs	1 983.00
080 Distribution costs	1 747.00
090 Other operating charges	5 665.00
100 Operating profit	4 912.00
105 Operating loss	0.00
110 Income from capital participating	0.00
120 Other financial income	27.00
130 Other income	0.00
140 Financial charges	0.00
150 Capital participating expenses	0.00
160 Other expenses	0.00
170 Profit from ordinary activity before taxation	4 939.00
175 Loss from ordinary activity before taxation	0.00
180 Ordinary activity Income-tax	1 012.00
190 Profit from ordinary activity	3 927.00
195 Loss from ordinary activity	0.00
200 Extraordinary income	0.00
205 Extraordinary charges	0.00
210 Extraordinary activity Income-Tax	0.00
220 Net profit	3 927.00
225 Net loss	0.00
Operating charges details:
230 Tangible expenses	843.00
240 Payroll costs	624.00
250 Allocation to social needs	232.00
260 Amortization charges	183.00
270 Other operating charges	1 849.00
280 Operating charges total	3 731.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	0.00
011 acquisition cost	0.00
012 depreciation	0.00
020 Construction in progress	103.00
Fixed assets
030 residual value	296.00
031 acquisition cost	482.00
032 depreciation	186.00
Long-term biological assets
035 residual value
036 acquisition cost
037 depreciation
Long-term financial assets
040 Capital participation in other enterprises	0.00
045 Other financial investments	0.00
050 Long-term accounts receivable	12 689.00
060 Deferred tax assets	0.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	13 088.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	57.00
110 Current biological assets	0.00
120 Work in progress	0.00
130 Finished goods	0.00
140 Goods for resale	4 945.00
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	8 579.00
161 acquisition cost	8 579.00
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	0.00
180 Payments in advance	0.00
190 Accrued income	0.00
200 Internal payments	0.00
210 Other current accounts receivable	647.00
220 Current financial investments	0.00
Cash at bank and on hands
230 Funds in local currency	4 547.00
231 incl. cash on hands
240 Funds in foreign currencies	0.00
250 Other current assets	761.00
260 CURRENT ASSETS TOTAL	19 536.00
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	32 624.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	1 202.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	4 685.00
360 Unpaid capital (minus)	0.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	5 887.00
II. PROVISIONS OF EXPENSES AND
LIABILITIES
400 Provisions of payments to personnel	0.00
410 Other provisions	0.00
415 Insurance reserves	0.00
416 portion covered by insurers	0.00
417
418
420 Targeted funding	0.00
430 PROVISIONS OF EXPENSES AND	0.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	0.00
450 Other financial liabilities	0.00
460 Deferred tax liabilities	0.00
470 Other long-term liabilities	0.00
480 TOTAL LONG-TERM LIABILITIES	0.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00
510 Short-term portion of long-term liabilities	0.00
520 Bills of exchange payable	0.00
530 Trade creditors	25 619.00
Accounts payable:
540 Advance payments	0.00
550 Budget accounts payable	424.00
560 Non-budget accounts payable	0.00
570 Insurance payments	18.00
580 Accrued payroll	27.00
590 Liabilities to shareholders	0.00
600 Internal payments	0.00
610 Other short-term liabilities	649.00
620 SHORT-TERM LIABILITIES TOTAL	26 737.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	32 624.00

- 31.12.2010

:

Fiscal period: 12 month(s), currency: UAH, th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	68 768.00
services
020 Indirect taxes and other compulsory payments	11 465.90
030 Net sales revenue (010-020)	57 302.10
040 Other operating income	661.30
050 Other income from ordinary activity	5.10
060 Extraordinary income	0.00
070 Net revenue total (030+040+050+060)	57 968.50
080 Change in work-in-progress and finished goods	3.80
090 Tangible expenses	22.20
100 Payroll costs	414.60
110 Allocation to social needs	160.70
120 Amortization charges	3.40
130 Other operating charges	1 588.20
131 incl.	0.00
140 Cost of sales	54 498.00
150 Other ordinary activity expenses	0.00
160 Extraordinary charges	0.00
170 Profit tax	486.80
180 Charges total (090+100+110+120+130+140+150+	57 170.10
+160+170+ -080)
190 Net profit (070-180)	798.40
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00
Fixed assets
030 residual assets	468.00
031 acquisition cost	471.40
032 depreciation	3.40
Long-term financial assets
040 Capital participation in other enterprises	0.00
070 Other non-current assets	4 093.50
080 NON-CURRENT ASSETS TOTAL	4 561.50
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	0.00
130 Finished goods	4 504.70
Trade debtors:
160 net realizable value	5 112.10
161 acquisition cost	5 112.10
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	1.40
210 Other current accounts receivable	2 284.20
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	2 735.10
240 Funds in foreign currencies	0.00
250 Other current assets	1 424.10
260 CURRENT ASSETS TOTAL	16 061.60
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	20 623.10
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	1 202.00
320 Additional contributed capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	757.50
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	1 959.50
430 II. PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	0.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00
510 Short-term portion of long-term liabilities	0.00
530 Trade creditors	17 825.10
Accounts payable:
550 Budget accounts payable	61.00
570 Insurance payments	0.60
580 Accrued payroll	0.00
610 Other short-term liabilities	776.90
620 SHORT-TERM LIABILITIES TOTAL	18 663.60
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	20 623.10

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.35
UK Pound	1	Rs.100.21
Euro	1	Rs.83.52

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.